The sale of apartment properties in Pembroke Pines and Pensacola caps a run of three deals across Florida, Arizona and Texas, as the multifamily investor moves his capital into larger communities.
PEMBROKE PINES, Fla., Oct. 22, 2026 /PRNewswire/ — Raphael Toledano, the founder and chief executive of Sorrento Property Group, has sold two Florida apartment communities for a combined $30 million, bringing the firm’s sales this quarter to $93 million.
The transaction comprises Allaire on 41st Street, an 82-unit community in Pembroke Pines, and The Reserve at Pensacola, a 91-unit property in the state’s western Panhandle. Together, the 173 apartments sold for roughly $173,410 a unit, in line with recent pricing for comparable suburban garden-style properties in Florida.
The Florida deal is one of several recent Sorrento Property Group sales totaling more than $90 million. The New York-based firm also sold Avani North, a 325-unit community in Tucson, Ariz., for $31.5 million, and Holly View Apartments, a 324-unit property in northwest Houston, for another $31.5 million.
For Sorrento Property Group, which operates garden-style apartment communities in 13 states, the sale is a step up: the proceeds are going toward larger properties, where its approach can reach more residents.
“Allaire and The Reserve were exactly the right properties for where we were, and they performed the way we hoped they would,” Raphael Toledano said. “Selling them now lets us take everything we’ve learned running communities of that size and apply it at a bigger scale, where a full on-site team and meaningful amenity upgrades can reach even more residents.”
Two markets, one thesis
The two properties sit at opposite ends of the state and serve very different renters. Pembroke Pines, a Broward County city between Fort Lauderdale and Miami, is where Allaire drew steady demand from households seeking more space near South Florida’s employment centers.
Pensacola, at the far western edge of the Panhandle, is anchored by a large military presence, including Naval Air Station Pensacola, and consistent population growth, both of which kept demand at The Reserve steady.
Both, however, were sized for an earlier stage of Sorrento Property Group’s growth.
The economics of scale
Raphael Toledano’s case for size is operational rather than acquisitive. In a larger community, fixed costs such as on-site management, maintenance staffing and amenities are spread across far more households, and the savings can be reinvested in the improvements residents notice every day.
“Scale isn’t about owning more doors for the sake of it,” Raphael Toledano said. “It’s about the clubhouse renovation, the faster maintenance response, the manager who knows every resident by name — and making sure each of those reaches as many residents as possible.”
Doubling down on Florida
The sale does not signal a retreat from the state. Sorrento Property Group plans to reinvest in Florida, where population inflows and job growth continue to support demand for well-run rental housing, with a focus on larger communities in markets the firm already knows.
The firm is in contract to acquire $60 million of institutional-quality multifamily assets in Jacksonville, Florida’s most populous city and a growing center for logistics, finance and health care.
“Florida has been good to us, and we’re not going anywhere,” Raphael Toledano said. “Jacksonville has the population growth, the employment base and the depth of renter demand we look for. These are institutional-quality communities, and we intend to bring the same hands-on ownership to them that defined Allaire and The Reserve.”
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SOURCE Sorrento Property Group
